Global Astaxanthin Market, 2023-2028
Market Overview
The global astaxanthin market is anticipated to increase by USD 155.9 million till 2028 at an average annual growth of 5.3 percent as per the latest market estimates. Astaxanthin is a naturally occurring carotenoid pigment that is found in a variety of organisms, including algae, yeast, fungi, and some fish and shellfish. It is known for its powerful antioxidant properties and has been studied extensively for its potential health benefits. In animal feed, astaxanthin is used as a feed additive to enhance the color of fish, poultry, and other livestock. It is particularly popular in the aquaculture industry, where it is used to improve the color of farmed salmon, trout, and shrimp. Astaxanthin is also believed to have a number of other benefits for animals, including improved immune function, increased resistance to stress, and enhanced fertility.
The antioxidant properties of astaxanthin are well-documented, and its potential to promote overall health and well-being has garnered attention. As consumers become more health-conscious, the demand for natural and functional ingredients like astaxanthin is on the rise.
Furthermore, the use of astaxanthin as a feed additive in the aquaculture industry is contributing to its market growth. Astaxanthin enhances the coloration of farmed fish, such as salmon, trout, and shrimp, making them more visually appealing to consumers. The increasing demand for aesthetically pleasing seafood products is driving the need for astaxanthin in aquaculture, thereby boosting the market size.
The report presents statistical information, including market size, market share within various market segments, growth rate, and forecasts specifically tailored to the astaxanthin industry. This data-driven analysis equips industry professionals with essential information to assess the current market landscape, make informed decisions, and identify growth opportunities within the sector.
Research Coverage
This report presents an in-depth analysis and segmentation of the astaxanthin market, with market size forecasts extending until 2028. The market has been categorized based on product, application, and region. Furthermore, a comprehensive evaluation of key industry players has been conducted to provide valuable insights into their business profiles, product offerings, strategic approaches, partnerships, expansions, and acquisitions pertaining to the astaxanthin market.
The report provides a detailed analysis of the following segments within the astaxanthin market:
Product: natural astaxanthin, and synthetic astaxanthin
Application: animal feed, food, nutraceuticals, personal care, and others
Region: Asia-Pacific, Europe, North America, and Rest of the World (RoW)
Based on product, the global astaxanthin market is categorized into natural astaxanthin, and synthetic astaxanthin. Synthetic astaxanthin held the highest share in the global astaxanthin market. However, the natural astaxanthin segment is forecast to register the highest CAGR during the forecast period 2023 - 2028. Natural astaxanthin derived from microalgae is the preferred choice as a human nutritional supplement, accounting for a significant market share of 90-95%. When compared to synthetic and yeast-based astaxanthin, natural astaxanthin from microalgae demonstrates superior antioxidant activity. Studies have shown that the antioxidant activity of microalgal astaxanthin is three times higher than that of synthetic astaxanthin and 1.5 times higher than that of yeast-based astaxanthin.
One key factor contributing to the enhanced antioxidant activity of microalgal astaxanthin is its esterified form. The esterification process enhances the stability of astaxanthin as an antioxidant, making it more effective in neutralizing harmful free radicals. This stability ensures that the antioxidant properties of microalgal astaxanthin remain intact and active for a longer duration, providing greater health benefits.
The preference for natural astaxanthin from microalgal sources in the human nutritional supplement industry is driven by its potent antioxidant activity and higher stability compared to synthetic and yeast-based alternatives. These properties make it an ideal choice for individuals seeking to incorporate a reliable and effective antioxidant supplement into their daily routine.
On the basis of application, the global astaxanthin market has been segmented into animal feed, food, nutraceuticals, personal care, and others. The animal feed segment held the largest share of the global astaxanthin market in 2022 and is anticipated to hold its share during the forecast period. Its main applications lie in the realm of feed pigments, particularly in poultry and fish feeds, where it is used to achieve desired coloring effects. Additionally, synthetic astaxanthin is utilized as a shelf-life stabilizer for various products.
While the current status of astaxanthin predominantly revolves around its role as a feed additive, there is a growing body of research and increasing approvals indicating its potential use in human nutrition applications. Researchers are delving into the various health benefits and nutritional properties of astaxanthin, exploring its potential as a valuable dietary supplement for human consumption.
As scientific investigations continue to uncover the potential benefits of astaxanthin, including its powerful antioxidant properties, its utilization in human nutrition is steadily gaining recognition. This growing awareness has prompted further research studies and regulatory approvals, signaling a positive trajectory for the incorporation of astaxanthin into various human dietary applications.
In terms of geography, the global astaxanthin market has been segmented into Asia-Pacific, Europe, North America, and Rest of the World (RoW). In 2022, North America emerged as a dominant player in the astaxanthin market, holding a significant market share of 34.7%. The region benefits from the presence of a well-established nutraceutical industry. Astaxanthin, known for its potent antioxidant properties, has gained recognition as a valuable ingredient in various nutritional supplements and functional foods. The thriving nutraceutical sector in North America has facilitated the widespread adoption of astaxanthin-based products, thereby driving the market growth.
Furthermore, there is a growing awareness among consumers in North America about the benefits of astaxanthin. With an increasing focus on health and wellness, individuals are actively seeking natural supplements that offer multiple health benefits. Astaxanthin, with its diverse range of advantages, including anti-inflammatory and cardiovascular benefits, has gained popularity among the health-conscious population in North America.
The presence of a large pool of health-conscious individuals in North America contributes to the region's dominance in the astaxanthin market. The population's inclination towards maintaining a healthy lifestyle and preference for natural and organic products have created a conducive environment for the growth of the astaxanthin market.
On the other hand, Asia Pacific is projected to witness significant growth in the astaxanthin market over the forecast period. The region represents a vast consumer base, accompanied by factors such as changing dietary patterns, increasing disposable incomes, and a rising focus on preventive healthcare. These factors are expected to drive the demand for astaxanthin-based products in the Asia Pacific region.
The rising middle class and urbanization in Asia Pacific have led to a shift in dietary habits, with a greater emphasis on nutrition and wellness. Astaxanthin, being a natural pigment found in seafood and algae, aligns with the region's culinary preferences and has the potential to gain substantial traction in the market.
Competitive Landscape
The global astaxanthin market is highly competitive. Some of the leading companies operating in the market are Algae Health Sciences Inc. (BGG), Algatechnologies Ltd., AstaReal AB, Atacama Bio Natural Products S.A., BASF SE, Biogenic Co. Ltd., Cyanotech Corporation, Fuji Chemical Industries Co. Ltd., Jingzhou Natural Astaxanthin Inc., Koninklijke DSM N.V., Mera Pharmaceuticals Inc., PIVEG Inc., Valensa International LLC (E.I.D. Parry India Ltd), Yunnan Alphy Biotech Co. Ltd., Zhejiang NHU Co. Ltd. These companies play a significant role in driving market growth through their active contributions in innovation and product development within the astaxanthin industry.
Key Questions Answered
What is the projected global market size of astaxanthin by 2028
In the astaxanthin market, which product segment attains the foremost position
Which application segment generates the most substantial revenue
Which region segment achieves the highest performance in the astaxanthin market
Who are the key players with the largest market share in the astaxanthin market
What is the estimated global market size for the astaxanthin market in 2023
What are the main factors driving the growth of the astaxanthin market
What is the expected incremental growth of the astaxanthin market during the forecast period
1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
3. Market Overview
4. Global Astaxanthin Market - Product Analysis
4.1 Natural astaxanthin
4.2 Synthetic astaxanthin
5. Global Astaxanthin Market - Application Analysis
5.1 Animal feed
5.2 Food
5.3 Nutraceuticals
5.4 Personal care
5.5 Others
6. Global Astaxanthin Market - Region Analysis
6.1 Asia-Pacific
6.2 Europe
6.3 North America
6.4 Rest of the World (RoW)
7. Patents Analysis
8. Competitive Landscape
8.1 Competitive Scenario
8.2 Market Positioning/Share Analysis
8.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
9. Company Profiles
9.1 Algae Health Sciences, Inc. (BGG)
9.2 Algatechnologies Ltd.
9.3 AstaReal AB
9.4 Atacama Bio Natural Products S.A.
9.5 BASF SE
9.6 Biogenic Co., Ltd.
9.7 Cyanotech Corporation
9.8 Fuji Chemical Industries Co., Ltd.
9.9 Jingzhou Natural Astaxanthin Inc.
9.10 Koninklijke DSM N.V.
9.11 Mera Pharmaceuticals, Inc.
9.12 PIVEG, Inc.
9.13 Valensa International, LLC (E.I.D. Parry India Ltd)
9.14 Yunnan Alphy Biotech Co., Ltd.
9.15 Zhejiang NHU Co., Ltd.
APPENDIX
DISCLAIMER
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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